{"id":810,"date":"2025-03-31T09:00:00","date_gmt":"2025-03-31T09:00:00","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/?p=810"},"modified":"2026-09-04T17:10:25","modified_gmt":"2026-09-04T17:10:25","slug":"q1-2025-portfolio-commentary","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/","title":{"rendered":"Q1 2025 Portfolio Commentary"},"content":{"rendered":"<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">As we step into 2025, the global investment landscape has presented new challenges. A developing trade war within North America and abroad, the ongoing conflict in the middle east, and an upcoming Canadian federal election have introduced additional uncertainty to the markets. These factors will shape economic conditions in the months ahead, reinforcing the importance of staying disciplined and adaptable in our investment approach.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">\u00a0<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">Positioning Going into 2025<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">In our\u00a0<strong><span style=\"font-size: 11pt\">Q4 2024 update<\/span><\/strong>, we highlighted how we positioned portfolios for the new year with a cautiously optimistic outlook. We adjusted our equity exposure by reducing downside protection, restructured our digital asset holdings, and continued to refine our fixed income allocations to adapt to declining interest rates. We also began reassessing our energy exposure in light of shifting global stability and demand expectations.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">These strategic adjustments have allowed us to navigate the first quarter of 2025 with resilience.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">\u00a0<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">Q1 2025 Market Performance &amp; Portfolio Adjustments<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">Equity Markets:<\/span><\/strong>\u00a0Canadian markets have outperformed relative to the United States, although Canada remains only slightly positive for the quarter, while U.S. markets are in negative territory. Our broad equity exposure, particularly in U.S. minimum-volatility stocks, has significantly outperformed.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">Taking Advantage of Market Corrections:<\/span><\/strong>\u00a0The strong performance of our minimum-volatility equities provided an opportunity to purchase positions in our strategic sectors\u2014<strong><span style=\"font-size: 11pt\">technology and energy<\/span><\/strong>\u2014that experienced an overcorrection. This disciplined approach allowed us to add exposure at more attractive valuations.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">Commodity Exposure Adjustments:<\/span><\/strong>\u00a0While we remain confident in commodities as an investment theme, we are\u00a0<strong><span style=\"font-size: 11pt\">evaluating a shift towards companies engaged in mining activities across base metals, precious metals, and critical minerals<\/span><\/strong>. This adjustment aligns with long-term demand trends, particularly in areas like electrification and infrastructure development.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">Fixed Income Enhancements:<\/span><\/strong>\u00a0With declining interest rates, we identified opportunities to enhance returns within our\u00a0<strong><span style=\"font-size: 11pt\">public fixed income allocations<\/span><\/strong>\u00a0and have made strategic adjustments accordingly.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">New Investment \u2013 Music Royalties Fund:<\/span><\/strong>\u00a0Following over a year of due diligence, we are finalizing an investment in\u00a0<strong><span style=\"font-size: 11pt\">Music Royalties<\/span><\/strong>, a unique and uncorrelated asset class that offers stable income potential. We anticipate completing this investment in Q2 2025, alongside a broader portfolio rebalance.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">\u00a0<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><strong><span style=\"font-size: 11pt\">Looking Ahead<\/span><\/strong><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">We recognize that the current environment is creating\u00a0<strong><span style=\"font-size: 11pt\">anxiety and uncertainty<\/span><\/strong>\u00a0for many investors. Geopolitical tensions, trade disputes, and political shifts will undoubtedly influence markets in the near term. However, we remain confident in our disciplined approach.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">Regardless of how these events unfold,\u00a0<strong><span style=\"font-size: 11pt\">we have a clear plan in place to protect your capital and help you achieve your financial goals<\/span><\/strong>. Our investment strategy remains focused on navigating uncertainty with resilience, adapting to market conditions, and identifying opportunities for long-term growth.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">As always, we appreciate your trust and encourage you to reach out if you have any questions or would like to discuss your portfolio in more detail.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\">\u00a0<span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><span style=\"font-size: 12pt\">Sincerely,<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><span style=\"font-size: 12pt\"><strong>The Team at Stonehaven Private Counsel<\/strong><\/span><\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><span style=\"display: inline-block;height: 1em\"><span style=\"display: none\"><strong>About the Authors<\/strong><br \/>\nThis commentary was prepared by <strong>Jeff Sproul, PFP\u00ae, CIM\u00ae<\/strong>, <strong>Victor Kuntzevitsky, CFA, CAIA<\/strong>, and <strong>Grant Dawes, CIM\u00ae, CFP\u00ae, TEP<\/strong> of Stonehaven Private Counsel at Wellington-Altus Private Counsel. Together, they provide portfolio management and wealth planning guidance to <strong>business owners, executives, affluent families, retirees, and multi-generational wealth clients<\/strong>. <a href=\"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/meet-the-team\/\">Learn more<\/a> about their experience, credentials, and areas of expertise and <a href=\"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/who-we-serve\/\">explore how Stonehaven supports different client needs<\/a> through its work with <strong>business owners<\/strong>, <strong>retirees<\/strong>, <strong>professionals<\/strong>, <strong>families<\/strong>, and <strong>next-generation wealth clients<\/strong>.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>About the Authors<\/strong><br \/>\nThis commentary was prepared by <strong>Jeff Sproul, PFP\u00ae, CIM\u00ae<\/strong>, <strong>Victor Kuntzevitsky, CFA, CAIA<\/strong>, and <strong>Grant Dawes, CIM\u00ae, CFP\u00ae, TEP<\/strong> of Stonehaven Private Counsel at Wellington-Altus Private Counsel. Together, they provide portfolio management and wealth planning guidance to <strong>business owners, executives, affluent families, retirees, and multi-generational wealth clients<\/strong>. <a href=\"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/meet-the-team\/\">Learn more<\/a> about their experience, credentials, and areas of expertise and <a href=\"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/who-we-serve\/\">explore how Stonehaven supports different client needs<\/a> through its work with <strong>business owners<\/strong>, <strong>retirees<\/strong>, <strong>professionals<\/strong>, <strong>families<\/strong>, and <strong>next-generation wealth clients<\/strong>.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><span style=\"display: inline-block;height: 1em\"><span style=\"display: none\"><br \/>\n.<\/span><\/span><\/p>\n<p>The material contained herein has been provided for information purposes only.\u00a0 The information has been drawn from sources believed to be reliable.\u00a0 Graphs, charts and other numbers are used for illustrative purposes only and do not reflect future values or future performance of any investment.\u00a0 The information does not provide financial, legal, tax or investment advice.\u00a0 Particular investment, tax, or trading strategies should be evaluated relative to each individual\u2019s objectives and risk tolerance.\u00a0 This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. \u00a0Wellington-Altus Private Counsel\u00a0 (WAPC) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPC assume any liability for any loss that may result from the reliance by any person upon any such information or opinions.\u00a0 Before acting on any of the above, please contact your financial advisor.<\/p>\n<p style=\"margin-top: 0pt;padding-top: 0;margin-bottom: 8pt;padding-bottom: 0;line-height: 1.3\"><span style=\"display: inline-block;height: 1em\"><span style=\"display: none\">.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we step into 2025, the global investment landscape has presented new challenges. A developing trade war within North America and abroad, the ongoing conflict in the middle east, and an upcoming Canadian federal election have introduced additional uncertainty to the markets. These factors will shape economic conditions in the months ahead, reinforcing the importance [&hellip;]<\/p>\n","protected":false},"author":106,"featured_media":1027,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"footnotes":""},"categories":[17],"tags":[],"class_list":["post-810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-portfolio-commentary"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Q1 2025 Portfolio Commentary - Stonehaven Private Counsel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 2025 Portfolio Commentary - Stonehaven Private Counsel\" \/>\n<meta property=\"og:description\" content=\"As we step into 2025, the global investment landscape has presented new challenges. A developing trade war within North America and abroad, the ongoing conflict in the middle east, and an upcoming Canadian federal election have introduced additional uncertainty to the markets. These factors will shape economic conditions in the months ahead, reinforcing the importance [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/\" \/>\n<meta property=\"og:site_name\" content=\"Stonehaven Private Counsel\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-31T09:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-04T17:10:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-content\/uploads\/sites\/249\/2026\/06\/Untitled-design-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Stonehaven Private Counsel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Stonehaven Private Counsel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/\"},\"author\":{\"name\":\"Stonehaven Private Counsel\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/#\\\/schema\\\/person\\\/d67a4d13cc1a9c97c152f54b959927af\"},\"headline\":\"Q1 2025 Portfolio Commentary\",\"datePublished\":\"2025-03-31T09:00:00+00:00\",\"dateModified\":\"2026-09-04T17:10:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/\"},\"wordCount\":785,\"publisher\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/wp-content\\\/uploads\\\/sites\\\/249\\\/2026\\\/06\\\/Untitled-design-2.jpg\",\"articleSection\":[\"Portfolio Commentary\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/\",\"url\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/\",\"name\":\"Q1 2025 Portfolio Commentary - Stonehaven Private Counsel\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/wp-content\\\/uploads\\\/sites\\\/249\\\/2026\\\/06\\\/Untitled-design-2.jpg\",\"datePublished\":\"2025-03-31T09:00:00+00:00\",\"dateModified\":\"2026-09-04T17:10:25+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/#primaryimage\",\"url\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/wp-content\\\/uploads\\\/sites\\\/249\\\/2026\\\/06\\\/Untitled-design-2.jpg\",\"contentUrl\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/wp-content\\\/uploads\\\/sites\\\/249\\\/2026\\\/06\\\/Untitled-design-2.jpg\",\"width\":1200,\"height\":628},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/q1-2025-portfolio-commentary\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Q1 2025 Portfolio Commentary\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/#website\",\"url\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/\",\"name\":\"Stonehaven Private Counsel\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/#organization\",\"name\":\"Stonehaven Private Counsel\",\"url\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/wp-content\\\/uploads\\\/sites\\\/249\\\/2023\\\/12\\\/WAPW-Favicon-300x300-1.png\",\"contentUrl\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/wp-content\\\/uploads\\\/sites\\\/249\\\/2023\\\/12\\\/WAPW-Favicon-300x300-1.png\",\"width\":300,\"height\":300,\"caption\":\"Stonehaven Private Counsel\"},\"image\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/stonehavenprivatecounsel\\\/#\\\/schema\\\/person\\\/d67a4d13cc1a9c97c152f54b959927af\",\"name\":\"Stonehaven Private Counsel\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ed816e9be17b44c2e9689b58bdc06befd4d775ed4f809b80d40c1a85abefac42?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ed816e9be17b44c2e9689b58bdc06befd4d775ed4f809b80d40c1a85abefac42?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ed816e9be17b44c2e9689b58bdc06befd4d775ed4f809b80d40c1a85abefac42?s=96&d=mm&r=g\",\"caption\":\"Stonehaven Private Counsel\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Q1 2025 Portfolio Commentary - Stonehaven Private Counsel","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/","og_locale":"en_US","og_type":"article","og_title":"Q1 2025 Portfolio Commentary - Stonehaven Private Counsel","og_description":"As we step into 2025, the global investment landscape has presented new challenges. A developing trade war within North America and abroad, the ongoing conflict in the middle east, and an upcoming Canadian federal election have introduced additional uncertainty to the markets. These factors will shape economic conditions in the months ahead, reinforcing the importance [&hellip;]","og_url":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/","og_site_name":"Stonehaven Private Counsel","article_published_time":"2025-03-31T09:00:00+00:00","article_modified_time":"2026-09-04T17:10:25+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-content\/uploads\/sites\/249\/2026\/06\/Untitled-design-2.jpg","type":"image\/jpeg"}],"author":"Stonehaven Private Counsel","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Stonehaven Private Counsel","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/#article","isPartOf":{"@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/"},"author":{"name":"Stonehaven Private Counsel","@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/#\/schema\/person\/d67a4d13cc1a9c97c152f54b959927af"},"headline":"Q1 2025 Portfolio Commentary","datePublished":"2025-03-31T09:00:00+00:00","dateModified":"2026-09-04T17:10:25+00:00","mainEntityOfPage":{"@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/"},"wordCount":785,"publisher":{"@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/#organization"},"image":{"@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/#primaryimage"},"thumbnailUrl":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-content\/uploads\/sites\/249\/2026\/06\/Untitled-design-2.jpg","articleSection":["Portfolio Commentary"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/","url":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/","name":"Q1 2025 Portfolio Commentary - Stonehaven Private Counsel","isPartOf":{"@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/#website"},"primaryImageOfPage":{"@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/#primaryimage"},"image":{"@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/#primaryimage"},"thumbnailUrl":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-content\/uploads\/sites\/249\/2026\/06\/Untitled-design-2.jpg","datePublished":"2025-03-31T09:00:00+00:00","dateModified":"2026-09-04T17:10:25+00:00","breadcrumb":{"@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/#primaryimage","url":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-content\/uploads\/sites\/249\/2026\/06\/Untitled-design-2.jpg","contentUrl":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-content\/uploads\/sites\/249\/2026\/06\/Untitled-design-2.jpg","width":1200,"height":628},{"@type":"BreadcrumbList","@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/q1-2025-portfolio-commentary\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/"},{"@type":"ListItem","position":2,"name":"Q1 2025 Portfolio Commentary"}]},{"@type":"WebSite","@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/#website","url":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/","name":"Stonehaven Private Counsel","description":"","publisher":{"@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/#organization","name":"Stonehaven Private Counsel","url":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/#\/schema\/logo\/image\/","url":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-content\/uploads\/sites\/249\/2023\/12\/WAPW-Favicon-300x300-1.png","contentUrl":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-content\/uploads\/sites\/249\/2023\/12\/WAPW-Favicon-300x300-1.png","width":300,"height":300,"caption":"Stonehaven Private Counsel"},"image":{"@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/#\/schema\/person\/d67a4d13cc1a9c97c152f54b959927af","name":"Stonehaven Private Counsel","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/ed816e9be17b44c2e9689b58bdc06befd4d775ed4f809b80d40c1a85abefac42?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ed816e9be17b44c2e9689b58bdc06befd4d775ed4f809b80d40c1a85abefac42?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ed816e9be17b44c2e9689b58bdc06befd4d775ed4f809b80d40c1a85abefac42?s=96&d=mm&r=g","caption":"Stonehaven Private Counsel"}}]}},"_links":{"self":[{"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/posts\/810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/users\/106"}],"replies":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/comments?post=810"}],"version-history":[{"count":8,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/posts\/810\/revisions"}],"predecessor-version":[{"id":1033,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/posts\/810\/revisions\/1033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/media\/1027"}],"wp:attachment":[{"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/media?parent=810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/categories?post=810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisor.wellington-altus.ca\/stonehavenprivatecounsel\/wp-json\/wp\/v2\/tags?post=810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}